Fap Refinance Loans Home Equity Refinance Loans Home Equity

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these are all very good questions, adn you should seek an expert on this to go over the entire situation.
go to lowermybills.com and put in your info and someone will call you to talk about it. i used them last year for a refinance adn it worked really well.
e fitz | Aug 01, 2006

Since the money was originally borrowed from a family member this would be a first mortgage unless your brother has it registered at the courthouse that he is the lender. When you pay on the mortgage with the money you get from the sale of the condo your principal amount will go down. Your payment will remain the same.
Georgiegirl | Aug 01, 2006

it would be considered a new mortgage or refinance. With a home equity loan, you usually keep the original loan and have another loan based on the equity in the home. In your case you are paying off the original loan (your brother) and starting over. As for the payments and lump sum thing... I'd assume your payments would be the same no matter what, just get paid off faster. It will depend on the terms of the mortgage company. Some have early pay off fees, etc. If you want lower payments after you pay the lump sum, you may need to refinance again. You need to discuss your options with a mortgage broker or such. They should be able to help you find the best options for your situation.
Frustrated employee | Aug 01, 2006

6 months ago definatly good canditate for refinance but make sure you dont have a pre-payment penalty. If you do than a heloc or closed end second is your best avenue. If you refinance the entire home and cashout make sure you state is to consilidate bill or purchase a car. Dont tell them its for your brother in law because no one is likes to give money to the private. Also stayaway from online companies like lowerbills and lending tree just lead companies that sell your information for about 3 months and than you get calls for the next 5 years
Goldenbearloan.com | Aug 01, 2006

If you now own the title for the new home, then you have the option of refinancing or taking out a home equity line.
If I may suggest a home equity line of credit (HELOC) Again if you own the title, then it should be easier and quicker for you to obtain a HELOC. It will also cost you less in fees intitially. You can make a lump sum payment with our worrying about pre-payment penalties. And, if you ever need to tap into the equity of your home, you won't have to go thru the process of getting a new loan.
Ado Annie | Aug 01, 2006

Should I refinance Home Equity loan to consolidate credit card debt (I am buying a new house in 120 days)?

Dec 14, 2005 by Sean J | Posted in Personal Finance

Consider this:
1. I have $30k in credit card debt.
2. I have a 1st mortgage for $200k (4%) and a Home Equity line of $170k (at prime rate) with no additional credit available.
3. I am buying another house at the end of April.

Would I be better off refinancing my Home Equity and Credit Cards into a new Home Equity loan, or just stick with it as is?

I have heard that I may be able to get better rates on my loan for my new house if I refinance. Could this be true?

Thoughts? Opinions? Alternatives?

You don't mention how much equity you have left in the home, but lets assume you have some equity. You would not want to "max out" your equity. Save at least 5-10% since you are going to be buying another home soon. Now if you have equity left to refinance your equity loan & pay down some credit cards, by all means do so. To best improve your credit score, pay off what you can, but at least reduce each credit card so that you have some available credit if any are at or near their limits. These are important factors in credit scoring and will get you a better rate on your new home. Its best not to close the cards that you pay off. Having that available credit will help your score. Close the cards after you secure your new home loan. Good luck!

LoanOfficer | Dec 15, 2005

Buying another home with a HELOC of $170K is a bit risky. If you are doing this for investment purposes, be sure you can cover your new mortgage / taxes / monthly maintenance. That said, consolidating your credit card debt is a good idea ONLY if you are willing to cut up all of your credit cards and never use them again. Learn to pay cash before you leverage yourself with debt through owning 2 homes, a HELOC, and credit cards.
HonestAnswers | Dec 14, 2005

Home equity loan or refinance existing home loan?

May 08, 2008 by Hottiez | Posted in Renting & Real Estate

My husband and I are looking into a home equity loan or refinancing our existing home loan. We own a doublewide on 4 1/2 acres that has been converted to real property.
Which is better? A home equity loan, or refinance our existing loan? Where do we start? What should we know? And what we should be careful of?

If you have a great rate on the first then leave it. It also depends on the size of your HEloan. Ask your broker or bank to compare the two and see what's in your best interest. A HELOC is very easy depending on your credit. If the credit is good then you should expect a no closing cost loan at about 5%
You can email with any other questions
brandonbroker@yahoo.com
brandonbroker | May 08, 2008

Can a person refinance a home equity loan, as opposed to a refinancing a mortgage? ?

Jan 23, 2009 by km | Posted in Renting & Real Estate

A couple of years ago, my spouse and I doubled the size of our home which we had owned "free and clear." To do so, we took out a 20 year home equity loan for $250,000 at a rate of 5.85%. Since we already owned the home and this was technically not a mortgage, there was no downpayment on this loan. With rates coming down, do we have any hope of refinancing our home equity loan? Or, is refinancing basically restricted to mortgages? Thanks.

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